mortgage calculator

Second Mortgage Calculator

Second Mortgage Calculator to calculate the mortgage payment for your 2nd home mortgage. The 2nd Mortgage Calculator will show if it is worth it to get a second mortgage rather than paying for private mortgage insurance or PMI.

2nd Mortgage Calculator

Home Value
$
Second Mortgage Type
Down Payment
Mortgage Amount
$
Property Tax (Yearly)
Home Insurance (Yearly)
PMI (Yearly)
Other Fees (Yearly)
Mortgage 1 Terms
Mortgage 1 Interest Rate
Mortgage 2 Terms
Mortgage 2 Interest Rate
First Payment Date

Should I Get a Second Mortgage?

The second mortgage has a higher monthly payment, but you will save $11,125.50 in interest payments after PMI is taken into account.


Mortgage With PMI vs. Second Mortgage

Mortgage Mortgage 1 Mortgage 2
Mortgage Amount: $585,000.00 $520,000.00 $65,000.00
Down Payment: $65,000.00 $65,000.00 $0
Monthly Principal & Interest: $3,563.98 $3,167.99 $488.32
Monthly Property Tax: $233.33 $233.33 $0
Monthly Home Insurance: $60.42 $60.42 $0
Monthly PMI: (Until Dec, 2030) $487.50 $0 $0
Monthly Other Fees: $0.00 $0.00 $0
Total Monthly Payment:
$4,345.23
$3,949.24(Loan1) + $488.32(Loan2) = $4,437.56
Total PMI Paid: $44,362.50 $0 $0
Total Interest Paid: $698,034.50 $620,475.11 $110,796.39
Total PMI + Interest Paid:
$742,397.00
$731,271.50 (Loan1 + Loan2)

Mortgage Calculator With PMI

Home Value: $650,000.00
Mortgage Amount: $585,000.00
Monthly Principal & Interest: $3,563.98
Monthly Property Tax: $233.33
Monthly Home Insurance: $60.42
Monthly PMI: (Until Dec, 2030) $487.50
Monthly Other Fees: $0.00
Total Monthly Payment:
$4,345.23
Total # Of Payments: 360
Start Date: Jun, 2023
Payoff Date: May, 2053
Down Payment: $65,000.00
Principal: $585,000.00
Total Interest Paid: $698,034.50
Total Tax, Insurance, PMI and Fees: $150,112.50
Total of all Payments:
$1,498,147.00

Second Mortgage Amortization Schedule

Payment Date Payment # Interest Principal Tax, Insurance, PMI & Fees Total Payment Balance
Jun, 2023 1 $2,998.13 $565.86 $781.25 $4,345.23 $584,434.14
Jul, 2023 2 $2,995.22 $568.76 $781.25 $4,345.23 $583,865.38
Aug, 2023 3 $2,992.31 $571.67 $781.25 $4,345.23 $583,293.71
Sep, 2023 4 $2,989.38 $574.60 $781.25 $4,345.23 $582,719.10
Oct, 2023 5 $2,986.44 $577.55 $781.25 $4,345.23 $582,141.55
Nov, 2023 6 $2,983.48 $580.51 $781.25 $4,345.23 $581,561.04
Dec, 2023 7 $2,980.50 $583.48 $781.25 $4,345.23 $580,977.56
Jan, 2024 8 $2,977.51 $586.47 $781.25 $4,345.23 $580,391.08
Feb, 2024 9 $2,974.50 $589.48 $781.25 $4,345.23 $579,801.60
Mar, 2024 10 $2,971.48 $592.50 $781.25 $4,345.23 $579,209.10
Apr, 2024 11 $2,968.45 $595.54 $781.25 $4,345.23 $578,613.56
May, 2024 12 $2,965.39 $598.59 $781.25 $4,345.23 $578,014.97
Jun, 2024 13 $2,962.33 $601.66 $781.25 $4,345.23 $577,413.32
Jul, 2024 14 $2,959.24 $604.74 $781.25 $4,345.23 $576,808.57
Aug, 2024 15 $2,956.14 $607.84 $781.25 $4,345.23 $576,200.73
Sep, 2024 16 $2,953.03 $610.96 $781.25 $4,345.23 $575,589.78
Oct, 2024 17 $2,949.90 $614.09 $781.25 $4,345.23 $574,975.69
Nov, 2024 18 $2,946.75 $617.23 $781.25 $4,345.23 $574,358.46
Dec, 2024 19 $2,943.59 $620.40 $781.25 $4,345.23 $573,738.06
Jan, 2025 20 $2,940.41 $623.58 $781.25 $4,345.23 $573,114.48
Feb, 2025 21 $2,937.21 $626.77 $781.25 $4,345.23 $572,487.71
Mar, 2025 22 $2,934.00 $629.99 $781.25 $4,345.23 $571,857.72
Apr, 2025 23 $2,930.77 $633.21 $781.25 $4,345.23 $571,224.51
May, 2025 24 $2,927.53 $636.46 $781.25 $4,345.23 $570,588.05
Jun, 2025 25 $2,924.26 $639.72 $781.25 $4,345.23 $569,948.33
Jul, 2025 26 $2,920.99 $643.00 $781.25 $4,345.23 $569,305.33
Aug, 2025 27 $2,917.69 $646.29 $781.25 $4,345.23 $568,659.03
Sep, 2025 28 $2,914.38 $649.61 $781.25 $4,345.23 $568,009.43
Oct, 2025 29 $2,911.05 $652.94 $781.25 $4,345.23 $567,356.49
Nov, 2025 30 $2,907.70 $656.28 $781.25 $4,345.23 $566,700.21
Dec, 2025 31 $2,904.34 $659.65 $781.25 $4,345.23 $566,040.56
Jan, 2026 32 $2,900.96 $663.03 $781.25 $4,345.23 $565,377.53
Feb, 2026 33 $2,897.56 $666.42 $781.25 $4,345.23 $564,711.11
Mar, 2026 34 $2,894.14 $669.84 $781.25 $4,345.23 $564,041.27
Apr, 2026 35 $2,890.71 $673.27 $781.25 $4,345.23 $563,368.00
May, 2026 36 $2,887.26 $676.72 $781.25 $4,345.23 $562,691.27
Jun, 2026 37 $2,883.79 $680.19 $781.25 $4,345.23 $562,011.08
Jul, 2026 38 $2,880.31 $683.68 $781.25 $4,345.23 $561,327.40
Aug, 2026 39 $2,876.80 $687.18 $781.25 $4,345.23 $560,640.22
Sep, 2026 40 $2,873.28 $690.70 $781.25 $4,345.23 $559,949.52
Oct, 2026 41 $2,869.74 $694.24 $781.25 $4,345.23 $559,255.27
Nov, 2026 42 $2,866.18 $697.80 $781.25 $4,345.23 $558,557.47
Dec, 2026 43 $2,862.61 $701.38 $781.25 $4,345.23 $557,856.09
Jan, 2027 44 $2,859.01 $704.97 $781.25 $4,345.23 $557,151.12
Feb, 2027 45 $2,855.40 $708.59 $781.25 $4,345.23 $556,442.54
Mar, 2027 46 $2,851.77 $712.22 $781.25 $4,345.23 $555,730.32
Apr, 2027 47 $2,848.12 $715.87 $781.25 $4,345.23 $555,014.45
May, 2027 48 $2,844.45 $719.54 $781.25 $4,345.23 $554,294.92
Jun, 2027 49 $2,840.76 $723.22 $781.25 $4,345.23 $553,571.69
Jul, 2027 50 $2,837.05 $726.93 $781.25 $4,345.23 $552,844.76
Aug, 2027 51 $2,833.33 $730.66 $781.25 $4,345.23 $552,114.11
Sep, 2027 52 $2,829.58 $734.40 $781.25 $4,345.23 $551,379.71
Oct, 2027 53 $2,825.82 $738.16 $781.25 $4,345.23 $550,641.55
Nov, 2027 54 $2,822.04 $741.95 $781.25 $4,345.23 $549,899.60
Dec, 2027 55 $2,818.24 $745.75 $781.25 $4,345.23 $549,153.85
Jan, 2028 56 $2,814.41 $749.57 $781.25 $4,345.23 $548,404.28
Feb, 2028 57 $2,810.57 $753.41 $781.25 $4,345.23 $547,650.87
Mar, 2028 58 $2,806.71 $757.27 $781.25 $4,345.23 $546,893.59
Apr, 2028 59 $2,802.83 $761.16 $781.25 $4,345.23 $546,132.44
May, 2028 60 $2,798.93 $765.06 $781.25 $4,345.23 $545,367.38
Jun, 2028 61 $2,795.01 $768.98 $781.25 $4,345.23 $544,598.40
Jul, 2028 62 $2,791.07 $772.92 $781.25 $4,345.23 $543,825.49
Aug, 2028 63 $2,787.11 $776.88 $781.25 $4,345.23 $543,048.61
Sep, 2028 64 $2,783.12 $780.86 $781.25 $4,345.23 $542,267.75
Oct, 2028 65 $2,779.12 $784.86 $781.25 $4,345.23 $541,482.88
Nov, 2028 66 $2,775.10 $788.88 $781.25 $4,345.23 $540,694.00
Dec, 2028 67 $2,771.06 $792.93 $781.25 $4,345.23 $539,901.07
Jan, 2029 68 $2,766.99 $796.99 $781.25 $4,345.23 $539,104.08
Feb, 2029 69 $2,762.91 $801.08 $781.25 $4,345.23 $538,303.00
Mar, 2029 70 $2,758.80 $805.18 $781.25 $4,345.23 $537,497.82
Apr, 2029 71 $2,754.68 $809.31 $781.25 $4,345.23 $536,688.51
May, 2029 72 $2,750.53 $813.46 $781.25 $4,345.23 $535,875.06
Jun, 2029 73 $2,746.36 $817.63 $781.25 $4,345.23 $535,057.43
Jul, 2029 74 $2,742.17 $821.82 $781.25 $4,345.23 $534,235.62
Aug, 2029 75 $2,737.96 $826.03 $781.25 $4,345.23 $533,409.59
Sep, 2029 76 $2,733.72 $830.26 $781.25 $4,345.23 $532,579.33
Oct, 2029 77 $2,729.47 $834.52 $781.25 $4,345.23 $531,744.81
Nov, 2029 78 $2,725.19 $838.79 $781.25 $4,345.23 $530,906.02
Dec, 2029 79 $2,720.89 $843.09 $781.25 $4,345.23 $530,062.93
Jan, 2030 80 $2,716.57 $847.41 $781.25 $4,345.23 $529,215.52
Feb, 2030 81 $2,712.23 $851.76 $781.25 $4,345.23 $528,363.76
Mar, 2030 82 $2,707.86 $856.12 $781.25 $4,345.23 $527,507.64
Apr, 2030 83 $2,703.48 $860.51 $781.25 $4,345.23 $526,647.13
May, 2030 84 $2,699.07 $864.92 $781.25 $4,345.23 $525,782.21
Jun, 2030 85 $2,694.63 $869.35 $781.25 $4,345.23 $524,912.86
Jul, 2030 86 $2,690.18 $873.81 $781.25 $4,345.23 $524,039.06
Aug, 2030 87 $2,685.70 $878.28 $781.25 $4,345.23 $523,160.77
Sep, 2030 88 $2,681.20 $882.79 $781.25 $4,345.23 $522,277.99
Oct, 2030 89 $2,676.67 $887.31 $781.25 $4,345.23 $521,390.68
Nov, 2030 90 $2,672.13 $891.86 $781.25 $4,345.23 $520,498.82
Dec, 2030 91 $2,667.56 $896.43 $781.25 $4,345.23 $519,602.39
Jan, 2031 92 $2,662.96 $901.02 $293.75 $3,857.73 $518,701.37
Feb, 2031 93 $2,658.34 $905.64 $293.75 $3,857.73 $517,795.73
Mar, 2031 94 $2,653.70 $910.28 $293.75 $3,857.73 $516,885.45
Apr, 2031 95 $2,649.04 $914.95 $293.75 $3,857.73 $515,970.50
May, 2031 96 $2,644.35 $919.64 $293.75 $3,857.73 $515,050.86
Jun, 2031 97 $2,639.64 $924.35 $293.75 $3,857.73 $514,126.51
Jul, 2031 98 $2,634.90 $929.09 $293.75 $3,857.73 $513,197.43
Aug, 2031 99 $2,630.14 $933.85 $293.75 $3,857.73 $512,263.58
Sep, 2031 100 $2,625.35 $938.63 $293.75 $3,857.73 $511,324.95
Oct, 2031 101 $2,620.54 $943.44 $293.75 $3,857.73 $510,381.50
Nov, 2031 102 $2,615.71 $948.28 $293.75 $3,857.73 $509,433.22
Dec, 2031 103 $2,610.85 $953.14 $293.75 $3,857.73 $508,480.08
Jan, 2032 104 $2,605.96 $958.02 $293.75 $3,857.73 $507,522.06
Feb, 2032 105 $2,601.05 $962.93 $293.75 $3,857.73 $506,559.12
Mar, 2032 106 $2,596.12 $967.87 $293.75 $3,857.73 $505,591.26
Apr, 2032 107 $2,591.16 $972.83 $293.75 $3,857.73 $504,618.43
May, 2032 108 $2,586.17 $977.82 $293.75 $3,857.73 $503,640.61
Jun, 2032 109 $2,581.16 $982.83 $293.75 $3,857.73 $502,657.78
Jul, 2032 110 $2,576.12 $987.86 $293.75 $3,857.73 $501,669.92
Aug, 2032 111 $2,571.06 $992.93 $293.75 $3,857.73 $500,676.99
Sep, 2032 112 $2,565.97 $998.02 $293.75 $3,857.73 $499,678.98
Oct, 2032 113 $2,560.85 $1,003.13 $293.75 $3,857.73 $498,675.85
Nov, 2032 114 $2,555.71 $1,008.27 $293.75 $3,857.73 $497,667.58
Dec, 2032 115 $2,550.55 $1,013.44 $293.75 $3,857.73 $496,654.14
Jan, 2033 116 $2,545.35 $1,018.63 $293.75 $3,857.73 $495,635.51
Feb, 2033 117 $2,540.13 $1,023.85 $293.75 $3,857.73 $494,611.65
Mar, 2033 118 $2,534.88 $1,029.10 $293.75 $3,857.73 $493,582.55
Apr, 2033 119 $2,529.61 $1,034.37 $293.75 $3,857.73 $492,548.18
May, 2033 120 $2,524.31 $1,039.68 $293.75 $3,857.73 $491,508.51
Jun, 2033 121 $2,518.98 $1,045.00 $293.75 $3,857.73 $490,463.50
Jul, 2033 122 $2,513.63 $1,050.36 $293.75 $3,857.73 $489,413.14
Aug, 2033 123 $2,508.24 $1,055.74 $293.75 $3,857.73 $488,357.40
Sep, 2033 124 $2,502.83 $1,061.15 $293.75 $3,857.73 $487,296.25
Oct, 2033 125 $2,497.39 $1,066.59 $293.75 $3,857.73 $486,229.66
Nov, 2033 126 $2,491.93 $1,072.06 $293.75 $3,857.73 $485,157.60
Dec, 2033 127 $2,486.43 $1,077.55 $293.75 $3,857.73 $484,080.05
Jan, 2034 128 $2,480.91 $1,083.07 $293.75 $3,857.73 $482,996.97
Feb, 2034 129 $2,475.36 $1,088.63 $293.75 $3,857.73 $481,908.35
Mar, 2034 130 $2,469.78 $1,094.20 $293.75 $3,857.73 $480,814.14
Apr, 2034 131 $2,464.17 $1,099.81 $293.75 $3,857.73 $479,714.33
May, 2034 132 $2,458.54 $1,105.45 $293.75 $3,857.73 $478,608.88
Jun, 2034 133 $2,452.87 $1,111.11 $293.75 $3,857.73 $477,497.77
Jul, 2034 134 $2,447.18 $1,116.81 $293.75 $3,857.73 $476,380.96
Aug, 2034 135 $2,441.45 $1,122.53 $293.75 $3,857.73 $475,258.42
Sep, 2034 136 $2,435.70 $1,128.29 $293.75 $3,857.73 $474,130.14
Oct, 2034 137 $2,429.92 $1,134.07 $293.75 $3,857.73 $472,996.07
Nov, 2034 138 $2,424.10 $1,139.88 $293.75 $3,857.73 $471,856.19
Dec, 2034 139 $2,418.26 $1,145.72 $293.75 $3,857.73 $470,710.47
Jan, 2035 140 $2,412.39 $1,151.59 $293.75 $3,857.73 $469,558.88
Feb, 2035 141 $2,406.49 $1,157.50 $293.75 $3,857.73 $468,401.38
Mar, 2035 142 $2,400.56 $1,163.43 $293.75 $3,857.73 $467,237.95
Apr, 2035 143 $2,394.59 $1,169.39 $293.75 $3,857.73 $466,068.56
May, 2035 144 $2,388.60 $1,175.38 $293.75 $3,857.73 $464,893.18
Jun, 2035 145 $2,382.58 $1,181.41 $293.75 $3,857.73 $463,711.77
Jul, 2035 146 $2,376.52 $1,187.46 $293.75 $3,857.73 $462,524.31
Aug, 2035 147 $2,370.44 $1,193.55 $293.75 $3,857.73 $461,330.76
Sep, 2035 148 $2,364.32 $1,199.66 $293.75 $3,857.73 $460,131.10
Oct, 2035 149 $2,358.17 $1,205.81 $293.75 $3,857.73 $458,925.29
Nov, 2035 150 $2,351.99 $1,211.99 $293.75 $3,857.73 $457,713.29
Dec, 2035 151 $2,345.78 $1,218.20 $293.75 $3,857.73 $456,495.09
Jan, 2036 152 $2,339.54 $1,224.45 $293.75 $3,857.73 $455,270.64
Feb, 2036 153 $2,333.26 $1,230.72 $293.75 $3,857.73 $454,039.92
Mar, 2036 154 $2,326.95 $1,237.03 $293.75 $3,857.73 $452,802.89
Apr, 2036 155 $2,320.61 $1,243.37 $293.75 $3,857.73 $451,559.52
May, 2036 156 $2,314.24 $1,249.74 $293.75 $3,857.73 $450,309.78
Jun, 2036 157 $2,307.84 $1,256.15 $293.75 $3,857.73 $449,053.63
Jul, 2036 158 $2,301.40 $1,262.58 $293.75 $3,857.73 $447,791.04
Aug, 2036 159 $2,294.93 $1,269.06 $293.75 $3,857.73 $446,521.99
Sep, 2036 160 $2,288.43 $1,275.56 $293.75 $3,857.73 $445,246.43
Oct, 2036 161 $2,281.89 $1,282.10 $293.75 $3,857.73 $443,964.33
Nov, 2036 162 $2,275.32 $1,288.67 $293.75 $3,857.73 $442,675.67
Dec, 2036 163 $2,268.71 $1,295.27 $293.75 $3,857.73 $441,380.39
Jan, 2037 164 $2,262.07 $1,301.91 $293.75 $3,857.73 $440,078.48
Feb, 2037 165 $2,255.40 $1,308.58 $293.75 $3,857.73 $438,769.90
Mar, 2037 166 $2,248.70 $1,315.29 $293.75 $3,857.73 $437,454.61
Apr, 2037 167 $2,241.95 $1,322.03 $293.75 $3,857.73 $436,132.58
May, 2037 168 $2,235.18 $1,328.81 $293.75 $3,857.73 $434,803.78
Jun, 2037 169 $2,228.37 $1,335.62 $293.75 $3,857.73 $433,468.16
Jul, 2037 170 $2,221.52 $1,342.46 $293.75 $3,857.73 $432,125.70
Aug, 2037 171 $2,214.64 $1,349.34 $293.75 $3,857.73 $430,776.36
Sep, 2037 172 $2,207.73 $1,356.26 $293.75 $3,857.73 $429,420.10
Oct, 2037 173 $2,200.78 $1,363.21 $293.75 $3,857.73 $428,056.90
Nov, 2037 174 $2,193.79 $1,370.19 $293.75 $3,857.73 $426,686.70
Dec, 2037 175 $2,186.77 $1,377.22 $293.75 $3,857.73 $425,309.49
Jan, 2038 176 $2,179.71 $1,384.27 $293.75 $3,857.73 $423,925.22
Feb, 2038 177 $2,172.62 $1,391.37 $293.75 $3,857.73 $422,533.85
Mar, 2038 178 $2,165.49 $1,398.50 $293.75 $3,857.73 $421,135.35
Apr, 2038 179 $2,158.32 $1,405.67 $293.75 $3,857.73 $419,729.68
May, 2038 180 $2,151.11 $1,412.87 $293.75 $3,857.73 $418,316.81
Jun, 2038 181 $2,143.87 $1,420.11 $293.75 $3,857.73 $416,896.70
Jul, 2038 182 $2,136.60 $1,427.39 $293.75 $3,857.73 $415,469.31
Aug, 2038 183 $2,129.28 $1,434.70 $293.75 $3,857.73 $414,034.61
Sep, 2038 184 $2,121.93 $1,442.06 $293.75 $3,857.73 $412,592.55
Oct, 2038 185 $2,114.54 $1,449.45 $293.75 $3,857.73 $411,143.10
Nov, 2038 186 $2,107.11 $1,456.88 $293.75 $3,857.73 $409,686.23
Dec, 2038 187 $2,099.64 $1,464.34 $293.75 $3,857.73 $408,221.88
Jan, 2039 188 $2,092.14 $1,471.85 $293.75 $3,857.73 $406,750.04
Feb, 2039 189 $2,084.59 $1,479.39 $293.75 $3,857.73 $405,270.64
Mar, 2039 190 $2,077.01 $1,486.97 $293.75 $3,857.73 $403,783.67
Apr, 2039 191 $2,069.39 $1,494.59 $293.75 $3,857.73 $402,289.08
May, 2039 192 $2,061.73 $1,502.25 $293.75 $3,857.73 $400,786.83
Jun, 2039 193 $2,054.03 $1,509.95 $293.75 $3,857.73 $399,276.87
Jul, 2039 194 $2,046.29 $1,517.69 $293.75 $3,857.73 $397,759.18
Aug, 2039 195 $2,038.52 $1,525.47 $293.75 $3,857.73 $396,233.71
Sep, 2039 196 $2,030.70 $1,533.29 $293.75 $3,857.73 $394,700.43
Oct, 2039 197 $2,022.84 $1,541.15 $293.75 $3,857.73 $393,159.28
Nov, 2039 198 $2,014.94 $1,549.04 $293.75 $3,857.73 $391,610.24
Dec, 2039 199 $2,007.00 $1,556.98 $293.75 $3,857.73 $390,053.26
Jan, 2040 200 $1,999.02 $1,564.96 $293.75 $3,857.73 $388,488.29
Feb, 2040 201 $1,991.00 $1,572.98 $293.75 $3,857.73 $386,915.31
Mar, 2040 202 $1,982.94 $1,581.04 $293.75 $3,857.73 $385,334.27
Apr, 2040 203 $1,974.84 $1,589.15 $293.75 $3,857.73 $383,745.12
May, 2040 204 $1,966.69 $1,597.29 $293.75 $3,857.73 $382,147.83
Jun, 2040 205 $1,958.51 $1,605.48 $293.75 $3,857.73 $380,542.35
Jul, 2040 206 $1,950.28 $1,613.71 $293.75 $3,857.73 $378,928.65
Aug, 2040 207 $1,942.01 $1,621.98 $293.75 $3,857.73 $377,306.67
Sep, 2040 208 $1,933.70 $1,630.29 $293.75 $3,857.73 $375,676.38
Oct, 2040 209 $1,925.34 $1,638.64 $293.75 $3,857.73 $374,037.74
Nov, 2040 210 $1,916.94 $1,647.04 $293.75 $3,857.73 $372,390.70
Dec, 2040 211 $1,908.50 $1,655.48 $293.75 $3,857.73 $370,735.22
Jan, 2041 212 $1,900.02 $1,663.97 $293.75 $3,857.73 $369,071.25
Feb, 2041 213 $1,891.49 $1,672.49 $293.75 $3,857.73 $367,398.76
Mar, 2041 214 $1,882.92 $1,681.07 $293.75 $3,857.73 $365,717.69
Apr, 2041 215 $1,874.30 $1,689.68 $293.75 $3,857.73 $364,028.01
May, 2041 216 $1,865.64 $1,698.34 $293.75 $3,857.73 $362,329.67
Jun, 2041 217 $1,856.94 $1,707.05 $293.75 $3,857.73 $360,622.62
Jul, 2041 218 $1,848.19 $1,715.79 $293.75 $3,857.73 $358,906.83
Aug, 2041 219 $1,839.40 $1,724.59 $293.75 $3,857.73 $357,182.24
Sep, 2041 220 $1,830.56 $1,733.43 $293.75 $3,857.73 $355,448.82
Oct, 2041 221 $1,821.68 $1,742.31 $293.75 $3,857.73 $353,706.51
Nov, 2041 222 $1,812.75 $1,751.24 $293.75 $3,857.73 $351,955.27
Dec, 2041 223 $1,803.77 $1,760.21 $293.75 $3,857.73 $350,195.05
Jan, 2042 224 $1,794.75 $1,769.24 $293.75 $3,857.73 $348,425.82
Feb, 2042 225 $1,785.68 $1,778.30 $293.75 $3,857.73 $346,647.52
Mar, 2042 226 $1,776.57 $1,787.42 $293.75 $3,857.73 $344,860.10
Apr, 2042 227 $1,767.41 $1,796.58 $293.75 $3,857.73 $343,063.52
May, 2042 228 $1,758.20 $1,805.78 $293.75 $3,857.73 $341,257.74
Jun, 2042 229 $1,748.95 $1,815.04 $293.75 $3,857.73 $339,442.70
Jul, 2042 230 $1,739.64 $1,824.34 $293.75 $3,857.73 $337,618.36
Aug, 2042 231 $1,730.29 $1,833.69 $293.75 $3,857.73 $335,784.67
Sep, 2042 232 $1,720.90 $1,843.09 $293.75 $3,857.73 $333,941.58
Oct, 2042 233 $1,711.45 $1,852.53 $293.75 $3,857.73 $332,089.05
Nov, 2042 234 $1,701.96 $1,862.03 $293.75 $3,857.73 $330,227.02
Dec, 2042 235 $1,692.41 $1,871.57 $293.75 $3,857.73 $328,355.45
Jan, 2043 236 $1,682.82 $1,881.16 $293.75 $3,857.73 $326,474.28
Feb, 2043 237 $1,673.18 $1,890.80 $293.75 $3,857.73 $324,583.48
Mar, 2043 238 $1,663.49 $1,900.49 $293.75 $3,857.73 $322,682.98
Apr, 2043 239 $1,653.75 $1,910.23 $293.75 $3,857.73 $320,772.75
May, 2043 240 $1,643.96 $1,920.02 $293.75 $3,857.73 $318,852.73
Jun, 2043 241 $1,634.12 $1,929.86 $293.75 $3,857.73 $316,922.86
Jul, 2043 242 $1,624.23 $1,939.76 $293.75 $3,857.73 $314,983.11
Aug, 2043 243 $1,614.29 $1,949.70 $293.75 $3,857.73 $313,033.41
Sep, 2043 244 $1,604.30 $1,959.69 $293.75 $3,857.73 $311,073.72
Oct, 2043 245 $1,594.25 $1,969.73 $293.75 $3,857.73 $309,103.99
Nov, 2043 246 $1,584.16 $1,979.83 $293.75 $3,857.73 $307,124.16
Dec, 2043 247 $1,574.01 $1,989.97 $293.75 $3,857.73 $305,134.19
Jan, 2044 248 $1,563.81 $2,000.17 $293.75 $3,857.73 $303,134.02
Feb, 2044 249 $1,553.56 $2,010.42 $293.75 $3,857.73 $301,123.59
Mar, 2044 250 $1,543.26 $2,020.73 $293.75 $3,857.73 $299,102.87
Apr, 2044 251 $1,532.90 $2,031.08 $293.75 $3,857.73 $297,071.79
May, 2044 252 $1,522.49 $2,041.49 $293.75 $3,857.73 $295,030.29
Jun, 2044 253 $1,512.03 $2,051.95 $293.75 $3,857.73 $292,978.34
Jul, 2044 254 $1,501.51 $2,062.47 $293.75 $3,857.73 $290,915.87
Aug, 2044 255 $1,490.94 $2,073.04 $293.75 $3,857.73 $288,842.83
Sep, 2044 256 $1,480.32 $2,083.67 $293.75 $3,857.73 $286,759.16
Oct, 2044 257 $1,469.64 $2,094.34 $293.75 $3,857.73 $284,664.82
Nov, 2044 258 $1,458.91 $2,105.08 $293.75 $3,857.73 $282,559.74
Dec, 2044 259 $1,448.12 $2,115.87 $293.75 $3,857.73 $280,443.87
Jan, 2045 260 $1,437.27 $2,126.71 $293.75 $3,857.73 $278,317.17
Feb, 2045 261 $1,426.38 $2,137.61 $293.75 $3,857.73 $276,179.56
Mar, 2045 262 $1,415.42 $2,148.56 $293.75 $3,857.73 $274,030.99
Apr, 2045 263 $1,404.41 $2,159.58 $293.75 $3,857.73 $271,871.42
May, 2045 264 $1,393.34 $2,170.64 $293.75 $3,857.73 $269,700.77
Jun, 2045 265 $1,382.22 $2,181.77 $293.75 $3,857.73 $267,519.00
Jul, 2045 266 $1,371.03 $2,192.95 $293.75 $3,857.73 $265,326.05
Aug, 2045 267 $1,359.80 $2,204.19 $293.75 $3,857.73 $263,121.86
Sep, 2045 268 $1,348.50 $2,215.49 $293.75 $3,857.73 $260,906.38
Oct, 2045 269 $1,337.15 $2,226.84 $293.75 $3,857.73 $258,679.54
Nov, 2045 270 $1,325.73 $2,238.25 $293.75 $3,857.73 $256,441.29
Dec, 2045 271 $1,314.26 $2,249.72 $293.75 $3,857.73 $254,191.56
Jan, 2046 272 $1,302.73 $2,261.25 $293.75 $3,857.73 $251,930.31
Feb, 2046 273 $1,291.14 $2,272.84 $293.75 $3,857.73 $249,657.47
Mar, 2046 274 $1,279.49 $2,284.49 $293.75 $3,857.73 $247,372.98
Apr, 2046 275 $1,267.79 $2,296.20 $293.75 $3,857.73 $245,076.78
May, 2046 276 $1,256.02 $2,307.97 $293.75 $3,857.73 $242,768.82
Jun, 2046 277 $1,244.19 $2,319.79 $293.75 $3,857.73 $240,449.02
Jul, 2046 278 $1,232.30 $2,331.68 $293.75 $3,857.73 $238,117.34
Aug, 2046 279 $1,220.35 $2,343.63 $293.75 $3,857.73 $235,773.70
Sep, 2046 280 $1,208.34 $2,355.64 $293.75 $3,857.73 $233,418.06
Oct, 2046 281 $1,196.27 $2,367.72 $293.75 $3,857.73 $231,050.34
Nov, 2046 282 $1,184.13 $2,379.85 $293.75 $3,857.73 $228,670.49
Dec, 2046 283 $1,171.94 $2,392.05 $293.75 $3,857.73 $226,278.44
Jan, 2047 284 $1,159.68 $2,404.31 $293.75 $3,857.73 $223,874.13
Feb, 2047 285 $1,147.35 $2,416.63 $293.75 $3,857.73 $221,457.50
Mar, 2047 286 $1,134.97 $2,429.02 $293.75 $3,857.73 $219,028.49
Apr, 2047 287 $1,122.52 $2,441.46 $293.75 $3,857.73 $216,587.03
May, 2047 288 $1,110.01 $2,453.98 $293.75 $3,857.73 $214,133.05
Jun, 2047 289 $1,097.43 $2,466.55 $293.75 $3,857.73 $211,666.50
Jul, 2047 290 $1,084.79 $2,479.19 $293.75 $3,857.73 $209,187.30
Aug, 2047 291 $1,072.08 $2,491.90 $293.75 $3,857.73 $206,695.40
Sep, 2047 292 $1,059.31 $2,504.67 $293.75 $3,857.73 $204,190.73
Oct, 2047 293 $1,046.48 $2,517.51 $293.75 $3,857.73 $201,673.22
Nov, 2047 294 $1,033.58 $2,530.41 $293.75 $3,857.73 $199,142.82
Dec, 2047 295 $1,020.61 $2,543.38 $293.75 $3,857.73 $196,599.44
Jan, 2048 296 $1,007.57 $2,556.41 $293.75 $3,857.73 $194,043.03
Feb, 2048 297 $994.47 $2,569.51 $293.75 $3,857.73 $191,473.51
Mar, 2048 298 $981.30 $2,582.68 $293.75 $3,857.73 $188,890.83
Apr, 2048 299 $968.07 $2,595.92 $293.75 $3,857.73 $186,294.91
May, 2048 300 $954.76 $2,609.22 $293.75 $3,857.73 $183,685.69
Jun, 2048 301 $941.39 $2,622.60 $293.75 $3,857.73 $181,063.09
Jul, 2048 302 $927.95 $2,636.04 $293.75 $3,857.73 $178,427.05
Aug, 2048 303 $914.44 $2,649.55 $293.75 $3,857.73 $175,777.51
Sep, 2048 304 $900.86 $2,663.13 $293.75 $3,857.73 $173,114.38
Oct, 2048 305 $887.21 $2,676.77 $293.75 $3,857.73 $170,437.61
Nov, 2048 306 $873.49 $2,690.49 $293.75 $3,857.73 $167,747.12
Dec, 2048 307 $859.70 $2,704.28 $293.75 $3,857.73 $165,042.84
Jan, 2049 308 $845.84 $2,718.14 $293.75 $3,857.73 $162,324.70
Feb, 2049 309 $831.91 $2,732.07 $293.75 $3,857.73 $159,592.63
Mar, 2049 310 $817.91 $2,746.07 $293.75 $3,857.73 $156,846.55
Apr, 2049 311 $803.84 $2,760.15 $293.75 $3,857.73 $154,086.41
May, 2049 312 $789.69 $2,774.29 $293.75 $3,857.73 $151,312.11
Jun, 2049 313 $775.47 $2,788.51 $293.75 $3,857.73 $148,523.60
Jul, 2049 314 $761.18 $2,802.80 $293.75 $3,857.73 $145,720.80
Aug, 2049 315 $746.82 $2,817.17 $293.75 $3,857.73 $142,903.64
Sep, 2049 316 $732.38 $2,831.60 $293.75 $3,857.73 $140,072.03
Oct, 2049 317 $717.87 $2,846.12 $293.75 $3,857.73 $137,225.92
Nov, 2049 318 $703.28 $2,860.70 $293.75 $3,857.73 $134,365.22
Dec, 2049 319 $688.62 $2,875.36 $293.75 $3,857.73 $131,489.85
Jan, 2050 320 $673.89 $2,890.10 $293.75 $3,857.73 $128,599.75
Feb, 2050 321 $659.07 $2,904.91 $293.75 $3,857.73 $125,694.84
Mar, 2050 322 $644.19 $2,919.80 $293.75 $3,857.73 $122,775.04
Apr, 2050 323 $629.22 $2,934.76 $293.75 $3,857.73 $119,840.28
May, 2050 324 $614.18 $2,949.80 $293.75 $3,857.73 $116,890.48
Jun, 2050 325 $599.06 $2,964.92 $293.75 $3,857.73 $113,925.56
Jul, 2050 326 $583.87 $2,980.12 $293.75 $3,857.73 $110,945.44
Aug, 2050 327 $568.60 $2,995.39 $293.75 $3,857.73 $107,950.05
Sep, 2050 328 $553.24 $3,010.74 $293.75 $3,857.73 $104,939.31
Oct, 2050 329 $537.81 $3,026.17 $293.75 $3,857.73 $101,913.14
Nov, 2050 330 $522.30 $3,041.68 $293.75 $3,857.73 $98,871.46
Dec, 2050 331 $506.72 $3,057.27 $293.75 $3,857.73 $95,814.19
Jan, 2051 332 $491.05 $3,072.94 $293.75 $3,857.73 $92,741.26
Feb, 2051 333 $475.30 $3,088.69 $293.75 $3,857.73 $89,652.57
Mar, 2051 334 $459.47 $3,104.52 $293.75 $3,857.73 $86,548.05
Apr, 2051 335 $443.56 $3,120.43 $293.75 $3,857.73 $83,427.63
May, 2051 336 $427.57 $3,136.42 $293.75 $3,857.73 $80,291.21
Jun, 2051 337 $411.49 $3,152.49 $293.75 $3,857.73 $77,138.72
Jul, 2051 338 $395.34 $3,168.65 $293.75 $3,857.73 $73,970.07
Aug, 2051 339 $379.10 $3,184.89 $293.75 $3,857.73 $70,785.18
Sep, 2051 340 $362.77 $3,201.21 $293.75 $3,857.73 $67,583.97
Oct, 2051 341 $346.37 $3,217.62 $293.75 $3,857.73 $64,366.35
Nov, 2051 342 $329.88 $3,234.11 $293.75 $3,857.73 $61,132.25
Dec, 2051 343 $313.30 $3,250.68 $293.75 $3,857.73 $57,881.56
Jan, 2052 344 $296.64 $3,267.34 $293.75 $3,857.73 $54,614.22
Feb, 2052 345 $279.90 $3,284.09 $293.75 $3,857.73 $51,330.14
Mar, 2052 346 $263.07 $3,300.92 $293.75 $3,857.73 $48,029.22
Apr, 2052 347 $246.15 $3,317.83 $293.75 $3,857.73 $44,711.38
May, 2052 348 $229.15 $3,334.84 $293.75 $3,857.73 $41,376.54
Jun, 2052 349 $212.05 $3,351.93 $293.75 $3,857.73 $38,024.61
Jul, 2052 350 $194.88 $3,369.11 $293.75 $3,857.73 $34,655.51
Aug, 2052 351 $177.61 $3,386.38 $293.75 $3,857.73 $31,269.13
Sep, 2052 352 $160.25 $3,403.73 $293.75 $3,857.73 $27,865.40
Oct, 2052 353 $142.81 $3,421.17 $293.75 $3,857.73 $24,444.22
Nov, 2052 354 $125.28 $3,438.71 $293.75 $3,857.73 $21,005.52
Dec, 2052 355 $107.65 $3,456.33 $293.75 $3,857.73 $17,549.19
Jan, 2053 356 $89.94 $3,474.05 $293.75 $3,857.73 $14,075.14
Feb, 2053 357 $72.14 $3,491.85 $293.75 $3,857.73 $10,583.29
Mar, 2053 358 $54.24 $3,509.75 $293.75 $3,857.73 $7,073.55
Apr, 2053 359 $36.25 $3,527.73 $293.75 $3,857.73 $3,545.81
May, 2053 360 $18.17 $3,545.81 $293.75 $3,857.73 $0.00


2nd Home Mortgage Calculator

The second home mortgage calculator gives you the option to show the amortization schedule by year or month. For homeowners who own a second home or a vacation house, this 2nd home mortgage calculator is useful in calculating how much they have to pay each month and the overall costs of their second mortgage.


What Is A Second Mortgage?

A second mortgage, also known as a piggyback loan is a mortgage taken out against a property that already has a mortgage that hasn't been paid off. Since the second mortgage is a lien from the first mortgage, the mortgage amount will be lower than the first, and the interest rate is generally higher. In the case of default, the lender has the right to take control of your home. Home equity loans or home equity lines of credit are often used as second mortgages.


Why A Second Mortgage?

There are good reasons why someone would want to take out a second mortgage.

  • Payoff credit card debt - The second mortgage has a much lower interest rate than the APR of credit cards. If you owe a lot of credit card debt, getting a 2nd mortgage is an excellent way to pay off your credit card and save a lot of money on interest payments.

  • Avoid paying PMI from the first mortgage - If you are paying less than 20% on your first mortgage, you will need to pay private mortgage insurance. To avoid paying for the PMI, you can consider taking out a second mortgage.

  • Finance large purchase - If you need to buy a car or another house as an investment.

  • Home innovation - If you want to renovate your home and don't have the cash to do so, you can take out a second mortgage to cover the costs of home improvement.

  • College tuition and expenses - If you or your kids are going to college and need money for tuition and other costs, you can consider getting a second mortgage.

  • Medical bills - If you have medical bills that you can't afford to pay, you may want to get a second mortgage so that you can pay off your medical bills.

  • Starting a business - If you need money to start a business, you can use HELOC to buy equipment and other necessities or even to hire employees for your business.

  • Stocks, bonds, and other investments - If you think you can make more money with other investments than the interest that you will be paying for your second mortgage, you can consider HELOC.

  • Buying a second house - If you are thinking of buying a second house and need more money for the down payment and closing costs, you can apply for a second mortgage.


Disadvantages of second mortgages

While it is nice to have extra cash in hand, there are disadvantages to getting a second mortgage.

  • Good equity in your house - in order to get a meaningful amount of money from a second mortgage, you need to have a good chunk of equity in your home. If you just bought your house recently, you will not be able to get a second mortgage.

  • The costs might be expensive - there will be closing costs and other one-time fees such as appraisal and loan origination fees that you have to pay. You will have to calculate the fees and see if it is worth the effort to get a second mortgage.

  • Lose your home - Since the second mortgage uses your home as collateral, you may lose your home if you fail to make payments.

Should I get a second mortgage?

One of the best ways to use a second mortgage is to use it to increase the value of your home, by improving your home such as installing solar lights to reduce energy usage, upgrading the kitchen and bathroom, or increasing the finished square footage. By making improvements to your home, you maintain the equity in your house. In addition, if you are paying private mortgage insurance or PMI, an insurance that you have to pay monthly if your equity in the house is less than 20%. When the value of your home increases, you might be able to remove your PMI. Your lender will order an appraisal to reevaluate your property and see if it indeed has increased in value compared to other houses in your area. Use the PMI payoff calculator to calculate how much PMI you are paying each month and evaluate if it makes sense to apply for a second mortgage to remove the monthly mortgage insurance. Another good reason to use a second mortgage is to pay off your other high-interest credit card debts. The APR for credit cards is outrageous, so if you are falling behind in your credit card bills, by all means, get a second mortgage. On the other hand, if you are planning to use the second mortgage to buy a brand new car, high-class furniture, or other luxuries, you have to really think hard about it. Do you really need these items or can you live without them? If you want to use a second mortgage for other investment purposes such as starting a business, investing in stocks, or buying a second house, make sure you evaluate the risks and rewards of each investment and have a good understanding of the current economic conditions. When the economy is tough, people getting laid off, businesses struggling to survive, houses getting foreclosure, and stocks losing value, it could be difficult to start a new business, invest in stocks, or buy another property. Ask yourself this question, do I have the necessary experience to pursue this business opportunity or am I relying on others to make all the decisions. If your answer is the latter, you need to reevaluate your decision.



How to qualify for a second mortgage?

There are certain conditions that you need to meet in order to qualify for a second mortgage.

  • Strong income history - a strong income history is required so the lender knows that you can repay the loan.

  • High credit score - You need to have a good credit score to qualify for a second mortgage. Although some lenders may still take the risk and qualify you with a low credit score, you will end up paying a much higher interest rate.

  • Low LTV - You need to have a low debt to value ratio, no more than 43%. Lenders prefer LTV lower than 36%.

  • Good equity in your house - You may need about 20% of the equity in your house. Lenders want to see that you have good equity in your house, so in case of default, they can recoup their loss by taking control of your home.

Each lender is different, so you will have to shop around and see what's available.


How long does it take to get approval for a second mortgage?

Just like the first mortgage that you have, the second mortgage follows a similar procedure and process time to approve your loan, and the timeline will vary from lender to lender. You need to get an appraisal for your home and submit all necessary documents that your lender requested to avoid delays. It could take up to a month or even longer for your lender's underwriter to review and approve your loan. Communicate with your mortgage loan officer and see if they need additional information. Loan officers are usually busy with many loan applications, sometimes they may forget to contact you about an issue, so you may want to follow up with them from time to time so they keep you in the loop.

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